Maths-
General
Easy

Question

What sum will yield an interest of Rs. 277.50 for 3 years at 12% per annum?

Hint:

Use the formula of simple interest and solve.

The correct answer is: 770.83 Rupees.


    Complete step by step solution:
    Let the sum of money = P
    We calculate simple interest by the formula, S I equals fraction numerator P T R over denominator 100 end fraction
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have S I equals 277.50 comma T equals 3 comma R equals 12 straight percent sign and P = ?
    On substitution, we have 277.50 equals fraction numerator p cross times 3 cross times 12 over denominator 100 end fraction
    On further simplifications we have,36P = 27750
    Divide on both the sides by 36.
    On dividing, we get P = 770.83 Rupees.
    Hence the sum of money = P = 770.83 Rupees.

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